Aussie manager buys into PMG
The 50% equity partnership through PMG’s parent company PMG Holdings has taken 12 months to put together. It completes chairman Denis McMahon’s long held wish for the “type of strengths 360 Capital bring to the table”.
PMG has more than $500 million under management through a range of unlisted property funds while 360 Capital has A$444 million in FUM. It buys Australian real estate assets, invests in Australian equities, unlisted private companies and senior and junior corporate debt.
PMG chief executive Scott McKenzie (pictured) says the partnership strengthens the fund’s ability to acquire high-quality New Zealand properties. It also provides greater performance and resilience to its funds and investors, he adds.
“For our tenants, it means we can continue to be a landlord of choice, ensuring their spaces are fit for purpose now and for their businesses in the future.”
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